Judge Asked To OK $13.5M RenRe Fraud Settlement

Law360, New York (January 7, 2008, 12:00 AM EST) -- A federal judge has been asked to grant final approval to a $13.5 million deal between RenaissanceRe Holdings Ltd and its shareholders to resolve a class action alleging the insurer defrauded investors with misleading financial reports.

The shareholders' lawyers, who will pocket 25 percent of the settlement if approved, told Judge William H. Pauley III of the U.S. District Court for the Southern District of New York on Friday the deal was a credit to their “vigorous and creative efforts” in negotiating with the property reinsurance...